Currency Exchange
Although free BitCoins are awesome, it doesn.t give you a whole lot to work with.
The easiest solution is to exchange your currency for some BitCoins. There are a
number of websites you can use to do this, though you.ll need to make sure that the
website you choose will handle your particular currency (otherwise you.ll end up
exchanging money twice, with transaction fees and all)!
For a list of the BitCoin exchange sites and the currencies they support, there.s a
page over at the BitCoin wiki (https://en.bitcoin.it/wiki/Trade).
There are two main types of currency exchange: real time and fixed-rate. Real time
trading is where the buyer lists the maximum price they are willing to pay for each
BitCoin, while the seller lists the minimum price they are willing to sell each BitCoin for.
Trade instantly happens when these two prices overlap. In this scenario it is possible
to get a great exchange rate, although this can require some patience.
Fixed-rate exchange, on the other hand, is much closer to your standard foreign
exchange transaction: a company will offer a rate which is fixed for a certain period
of time, and will exchange any quantity of fiat currency for BitCoins at a standard
rate. While you won.t get as good a deal as if you.re patient in real time trading,
fixed-rate exchange is more reliable and instantaneous.
The most popular exchange website by far is Mt Gox (www.mtgox.com), which is
responsible for over 80% of BitCoin transactions using the real time model.
Although free BitCoins are awesome, it doesn.t give you a whole lot to work with.
The easiest solution is to exchange your currency for some BitCoins. There are a
number of websites you can use to do this, though you.ll need to make sure that the
website you choose will handle your particular currency (otherwise you.ll end up
exchanging money twice, with transaction fees and all)!
For a list of the BitCoin exchange sites and the currencies they support, there.s a
page over at the BitCoin wiki (https://en.bitcoin.it/wiki/Trade).
There are two main types of currency exchange: real time and fixed-rate. Real time
trading is where the buyer lists the maximum price they are willing to pay for each
BitCoin, while the seller lists the minimum price they are willing to sell each BitCoin for.
Trade instantly happens when these two prices overlap. In this scenario it is possible
to get a great exchange rate, although this can require some patience.
Fixed-rate exchange, on the other hand, is much closer to your standard foreign
exchange transaction: a company will offer a rate which is fixed for a certain period
of time, and will exchange any quantity of fiat currency for BitCoins at a standard
rate. While you won.t get as good a deal as if you.re patient in real time trading,
fixed-rate exchange is more reliable and instantaneous.
The most popular exchange website by far is Mt Gox (www.mtgox.com), which is
responsible for over 80% of BitCoin transactions using the real time model.
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